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Growing the Economy

In our Briefing to the Incoming Minister (BIM), we advised that the most immediate impact on people's incomes comes from helping businesses succeed. The Treasury's work aims to help keep economic activity close to full employment levels, keep economic variability to a minimum and avoid abrupt adjustments when hit by shocks. That's because macroeconomic stability provides households and firms with the predictability and certainty they need to make good decisions about employment, saving, investing, innovating and pursuing opportunities.

We advised in our BIM that reform is needed across government policies relating to education, welfare, tax, regulation, science and innovation, infrastructure and natural resources in order to achieve economic performance that matches New Zealanders' aspirations. Our policy advice includes consideration of the impact of government policies on the macroeconomic environment. Our advice, evidence and partnership have helped a number of agencies get work underway that will help support economic growth.

We have contributed to the development of coordinated education and welfare policies such as the Youth Guarantee and Youth Services that support youth achievement. We have also contributed to tertiary education policies encouraging the retention, achievement and progression of students to higher levels of study.

Working with the Ministry of Social Development (MSD), we developed a reform programme that significantly changes New Zealand's approach to welfare, to get people back into work and participating productively in society. We helped complete the policy changes necessary for legislation to be drafted for welfare reform, and the Treasury will now monitor Work and Income to ensure effective implementation of the investment approach.

We're seeking to lift New Zealand's youth achievement and our analysis and evidence supported development of the Government's policy agenda for schools. We engaged with teachers and the broader education sector and provided evidence and analysis that contributed to public debate about the quality of teaching.

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